AstraZeneca to sell £1.3bn dental unit
Pharmaceuticals giant AstraZeneca has begun a £1.3bn auction of its dental implants and medical devices division as it looks to focus on its core medicine business.
Open to offers: Astra Tech makes dental devices
Bids for Astra Tech, which makes catheters and breathing aids, as well as advanced dental devices, have been submitted by more than ten companies.
The Sweden-based division, which employs 2,200, has received offers from private equity firms Bridgepoint and Cinven of Britain and PAI Partners of France.
US-based Warburg Pincus and trade buyer Zimmer Holdings, a worldwide leader in hip and knee replacements, have also bid.
AstraZeneca last year appointed JP Morgan, which is offering financing to bidders, to conduct a strategic review of the division with a sale as an option. That auction is now under way with second-round bids expected towards the end of next month.
It is understood that some bidders are looking to buy only the dental implants unit while others want the medical devices operation.
Unlike rivals Novartis and GlaxoSmithKline, which are diversifying, AstraZeneca is looking to shed non-core businesses.
Last month it escaped paying £1.4bn it had set aside for potential tax liabilities and was asked to pay just £687m in settlement of a protracted dispute with British and US authorities. That meant it could lift profit targets for this year by almost 7%.
AstraZeneca and JP Morgan both declined to comment.
Most watched Money videos
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Inside the new Ferrari V12 Cilindri
- How to invest for income and growth: SAINTS' James Dow
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- Mini Cooper SE: The British icon gets an all-electric makeover
- Volvo's Polestar releases new innovative 4 digital rearview mirror
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- BBVA goes directly to shareholders as it steps up bid for...
- MARKET REPORT: North Sea giant Harbour closes in on £9bn...
- Cameron left red-faced as Greensill sues Government over...
- SMALL CAP MOVERS: Light Science Technologies sales flourish
- Takeover target Wood Group hit by slump in revenues as...
- How criminals could use AI to scam Britons - and what can...
- Bank of England paves way for Britain to cut interest...
- Bailey pulls his punches on interest rates yet...
- BUSINESS LIVE: UK GDP grows 0.6%; IAG profits take off;...
- BA owner IAG profits climb more than sevenfold
- ITV hopes for summer ad boom as it continues to reel from...
- Vodafone told to boost security as £15bn Three merger is...
- Rightmove expects weaker ad revenue growth as more...
- Should the Bank of England have cut interest rates...
- Some estate agents only put forward offers from buyers...
- Families with TWO retired generations will surge to one...
- My uncle has £14,000 in Dart Charge fines despite trying...
- Will my newly self-employed husband cause us a remortgage...